China's PPI Printed 3.8% on Energy — and the ECB Hikes Into the Same Shock Tomorrow
China's August PPI printed 3.8% year on year against a 3.7% consensus, driven by energy — transport fuel up 8.3% — while core CPI sits at 1.0% and pork is down 11.8%.
The euro area's August flash has the identical shape: energy at 14.3%, services falling to 3.0%, core flat at 2.2%. The ECB's own economists call this a supply shock. It raises rates into it at 12:15 UTC tomorrow.